S&P 500 Has Fallen to ‘Very Bullish’ Levels, JPMorgan Says
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The Standard & Poor’s 500 Index reached its low for 2011 when the 9-magnitude earthquake in Japan earlier sent the benchmark to 1,261.12, according to JPMorgan Chase & Co.’s Thomas Lee.
The gauge for U.S. equities has declined as much as 3.3 percent this week after Japan’s biggest earthquake on record struck March 11. The S&P 500 ended the day down 1.1 percent to 1,281.87, paring its 2011 advance to 1.9 percent and extending the retreat since Feb. 18 to 4.6 percent, according to data compiled by Bloomberg.